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Registration number: 06189916

STM Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

STM Contractors Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

STM Contractors Limited

Company Information

Directors

C Darmanin

B Cassar

Company secretary

B Cassar

Registered office

Salatin House
19 Cedar Road
Sutton
England
SM2 5DA

Accountants

Harmer Slater Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

STM Contractors Limited

(Registration number: 06189916)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

27,291

35,665

Current assets

 

Receivables

5

472,964

602,835

Cash at bank and in hand

 

999

24,693

 

473,963

627,528

Payables: Amounts falling due within one year

6

(439,434)

(526,435)

Net current assets

 

34,529

101,093

Total assets less current liabilities

 

61,820

136,758

Payables: Amounts falling due after more than one year

6

(39,624)

(121,183)

Provisions for liabilities

(5,084)

(6,652)

Net assets

 

17,112

8,923

Equity

 

Called up share capital

8

300

300

Share premium reserve

477

477

Retained earnings

16,335

8,146

Shareholders' funds

 

17,112

8,923

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

 

STM Contractors Limited

(Registration number: 06189916)
Statement of Financial Position as at 31 May 2023 (continued)

The financial statements of STM Contractors Limited were approved and authorised for issue by the Board on 16 February 2023 and signed on its behalf by:
 

.........................................

B Cassar
Company secretary and director

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

1

General information

STM Contractors Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Fixtures and fittings

10% on cost

Motor vehicles

10% on cost

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Provisions has been made for potential trade debtors which will not be collected. This provision is an estimate based on the company's understanding, knowledge and historic trends

Inventories

Provisions are made where necessary to ensure that stock and amounts recoverable on contract are stated at the lower of cost and net realisable value. This provision is an estimate based on the company's understanding of its future needs, knowledge and historic trends.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 June 2022

12,110

14,675

79,736

106,521

At 31 May 2023

12,110

14,675

79,736

106,521

Depreciation

At 1 June 2022

11,311

14,675

44,870

70,856

Charge for the year

400

-

7,974

8,374

At 31 May 2023

11,711

14,675

52,844

79,230

Carrying amount

At 31 May 2023

399

-

26,892

27,291

At 31 May 2022

799

-

34,866

35,665

5

Receivables

2023
£

2022
£

Trade receivables

51,314

25,880

Prepayments

4,633

7,614

Gross amount due from customers for contract work

417,017

569,341

472,964

602,835

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

6

Payables

Payables: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

130,818

160,657

Trade payables

 

3,056

66,250

Social security and other taxes

 

282,473

280,366

Other payables

 

2,451

490

Accruals

 

7,770

7,520

Corporation tax liability

12,866

11,152

 

439,434

526,435

Payables: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

39,624

121,183

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

39,624

121,183

2023
£

2022
£

Current loans and borrowings

Bank borrowings

130,818

160,657

 

STM Contractors Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300